I remember Richard testing the "rising tide lifts all boats" theory wide/slow vs narrow/fast within the same Arch. It didn't reproduce meaningful results. So, Sony's approach either requires lower level access to benefit from, or it means nothing at all (as per the Richard test) and there's something else at play here.
The anomaly is two fold, 1 - PS5 seems to generally keep up and 2- Certain portions of the games make the difference spread even more towards PS5.
The rising tide would explain (2) as games demands varie per scene and could hit the clock advantage. But the baseline where is starting from (1) needs to be explained.
My assumption is that even though the Arch is said to be the same (RDNA2), it must in reality be quite different in other aspects, because 1 - The clock speed can't explain it all, and 2- MS API can't be that bad.